China’s plan to facilitate cross-border financial services more important amid external changes, PBOC official says

investing.com • 23/04/2025 - 07:43 AM

China’s Cross-Border Financial Services Plan

BEIJING (Reuters) – China’s recent plan to facilitate cross-border financial services has gained significance amid evolving internal and external circumstances, according to a senior central bank official on Wednesday.

Lu Lei, deputy governor of the People’s Bank of China (PBOC), addressed reporters in Beijing, stating that the external environment had grown increasingly complex, with insufficient drivers for global economic growth alongside rising protectionism.

On Monday, the PBOC released an action plan encouraging state-owned enterprises to prioritize the use of the yuan currency in their business transactions.